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The Global Effects of the Euro Debt Crisis

Stracca, Livio - 2013

This paper is an event study focusing on the global effects of the euro debt crisis in 2010-2013. After identifying 18 key exogenous crisis events, I analyze the impact on equity returns, exchange rates and government bond yields in 12 advanced and 13 emerging countries. The main effect of euro...

Persistent link: https://www.econbiz.de/10013078527

Housing, Consumption and Monetary Policy : How Different are the US and the Euro Area?

Musso, Alberto - 2012

The paper provides a systematic empirical analysis of the role of the housing market in the macroeconomy in the US and in the euro area. First, it establishes some stylised facts concerning key variables in the housing market, such as the real house price, residential investment and mortgage...

Persistent link: https://www.econbiz.de/10013116395

Have Euro Area and EU Economic Governance Worked? Just the Facts

Ioannou, Demosthenes - 2011

We test whether two key elements of the EU and Euro Area economic governance framework, the Stability and Growth Pact and the Lisbon Strategy, have had any impact on macroeconomic outcomes. We test this proposition using a difference-in-difference approach on a panel of over 30 countries, some...

Persistent link: https://www.econbiz.de/10013124977

Trade, Finance or Policies : What Drives the Cross-Border Spill-Over of Business Cycles?

Montinari, Letizia - 2017

In this paper we investigate how income growth rates in one country are affected by growth rates in partner countries, testing for the importance of pairwise country links as well as characteristics of the receiving country (trade and financial openness, exchange rate regime, fiscal variables)....

Persistent link: https://www.econbiz.de/10012963941

EMU and the Adjustment to Asymmetric Shocks : The Case of Italy

Amisano, Gianni - 2009

In this paper we address the question on whether EMU has amplified or dampened intra euro area divergencies, by looking at a time-varying VAR model of Italy's relative performance compared with the rest of the euro area, spanning from 1976 to 2009. Our main result is that EMU does not appear to...

Persistent link: https://www.econbiz.de/10013153396

Does it Pay to Have the Euro? Italy's Politics and Financial Markets under the Lira and the Euro

Fratzscher, Marcel - 2009

There is a broad consensus that the quality of the political system and its institutions are fundamental for a country's prosperity. The paper focuses on political events in Italy over the past 35 years and asks whether the adoption of the euro in 1999 has helped insulate Italy's financial...

Persistent link: https://www.econbiz.de/10013159357

Instability and Nonlinearity in the Euro Area Phillips Curve

Musso, Alberto - 2007

This paper provides a comprehensive analysis of the functional form of the euro area Phillips curve over the past three decades. In particular, compared to previous literature we analyse the stability of the relationship in detail, especially as regards the possibility of a time-varying mean of...

Persistent link: https://www.econbiz.de/10012776127

A Speed Limit Monetary Policy Rule for the Euro Area

Stracca, Livio - 2006

This paper estimates a hybrid New Keynesian model on euro area data and evaluates the performance of different simple policy rules and of the optimal unconstrained rule under commitment. The study reaches two main conclusions. First, inflation is found to be mainly forward-looking in the euro...

Persistent link: https://www.econbiz.de/10012780823

A Persistence-Weighted Measure of Core Inflation in the Euro Area

Bilke, Laurent - 2008

We propose a new core inflation measure for the Euro area which places the emphasis on the more lasting, i.e. persistent, price developments at a disaggregated level. The importance of each component of the HICP is reweighted according to its relative persistence, as measured by the sum of the...

Persistent link: https://www.econbiz.de/10012771838

The International Dimension of an Incomplete Emu

Ioannou, Demosthenes - 2020

of the monetary union, have on the rest of the world. Disentangling euro area stress shocks and global risk aversion … area but also for the rest of the world. Notably, an increase in euro area stress entails a slowdown of economic activity … in the rest of the world, as well as a fall in imports/exports of both the euro area and the rest of the world. A …

Persistent link: https://www.econbiz.de/10012824791